Hollinger sells shares to redeem LYONs
Article Abstract:
Hollinger Inc.'s US-based newspaper holding company, Hollinger International Inc., has sold 10,117,704 class A common shares to two US and two Canadian banks for $140 million. Hollinger will use proceeds from the sale to buy back its outstanding liquid yield option notes (LYONs) in November 1998. The sale will reduce the equity stake of Hollinger in Hollinger International from 51% to 43% and its voting interest from 77% to 74%. Under the agreement, Hollinger International has the right, although it is not obliged, to purchase the shares sold to the four banks at a price of $13.88 a share.
Comment:
Sells 10,117,704 class A common shares to 2 US & 2 Canadian banks for $140 mil
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Sun Media vows to fight Star bid
Article Abstract:
Sun Media Corp.'s proposed acquisition by Torstar Corp., a rival newspaper publishing company, is expected to face strong opposition from the Sun Media management. Paul Godfrey, president of Sun Media, maintains that the Torstar offer is not reflective of the target company's overall value. Sun Media has expressed plans to evaluate the unsolicited purchase bid and make the proper recommendation to its board once the report has been completed. Torstar, which publishes the Toronto Star newspaper, offered C$12 in cash as well as one-fourth of Torstar stock for each share of Sun Media's stock.
Comment:
Its proposed acquisition of Sun Media, a rival newspaper publishing co, is expected to face strong opposition from latter
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Sun Media board unanimously rejects Torstar offer
Article Abstract:
Sun Media Corp.'s board of directors has issued a circular on Nov. 18, 1998, that states its unanimous recommendation to reject the hostile takeover bid launched by its rival Torstar Corp. of Toronto, Ontario. The circular explained the board decided to reject the offer, which is set to expire on Dec. 23, 1998, because the combination would make Torstar big enough to scare away competition in Toronto's newspaper industry. Sun Media CEO Paul Godfrey, however, noted the recommendation doe not guarantee that the company's biggest shareholders will not tender their shares to Torstar's offer.
Comment:
Its hostile takeover bid for Sun Media Corp is unanimously rejected by the latter's board of directors
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Comment about this article or add new information about this topic:
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